Market Overview The China Nuclear Imaging market is expected to reach a market size of USD 747.80 million by 2024, with an anticipated CAGR of 9.45% during the forecast period. The recent years have observed a significant growth in the application of nuclear medicine and imaging. Rising prevalence of bone diseases and cancer in China along with the technological advancements in the field of diagnostics are expected to drive the growth of the market over the forecast period. Cancer burden and mortality are high in China. As per the latest 2018 report published by WHO, a total number of new cancer cases in China, including both the sexes and all ages, were found to be 4,285,033, whereas the number of deaths was reported to be 2,865,174. Government support in terms of funding also contributes to the growth of the radiopharmaceuticals market in China. However, there are certain factors that are hindering the growth of the market such as the shorter half-life of radiopharmaceuticals and high cost of the techniques.
Scope of the Report As per the scope of the report, Nuclear medicine imaging procedures are non-invasive and, with the exception of intravenous injections, are usually painless medical tests that help physicians diagnose and evaluate medical conditions. These imaging scans use radioactive materials called radiopharmaceuticals or radiotracers.
Key Market Trends PET equipment is expected to grow with a significant CAGR
PET equipment segment covers stand-alone PET, Hybrid PET/CT, Hybrid PET/MRI, PET infusion systems, as well as cyclotrons used to produce short-lived radioisotopes on site. A positron emission tomography (PET) scan is an imaging test that allows the doctor to detect diseases in one’s body. A PET scan is majorly used in oncology applications. The China Society of Nuclear Medicine was established in 1980. Since then, nuclear medicine has developed rapidly in China. According to the Chinese Society of Nuclear Medicine, there were 240 PET/CT and six PET/MR equipment. In 2015, which increased to a total of 306 PET scanners by 2017. Also, there are more than 900 departments of nuclear medicine, in China, that are actively running, and about more than one million patients receive nuclear medicine imaging examinations, per year, across the country. Further, with the government’s support, the Chinese nuclear imaging market is expected to grow, in the future.
Competitive Landscape The market comprises of major market players and these players are moreover focusing on research and development to strengthen their position in the market. The market has been noticing technological developments on a large scale for the past couple of years. Some of the market players are Bayer AG, Bracco Imaging SpA, Canon Inc., Cardinal Health Inc., China Isotope & Radiation Corporation (CIRC), Curium Pharma, GE Healthcare, Global Medical Solutions Ltd, Koninklijke Philips NV, Siemens Healthineers, Yantai Dongcheng Pharmaceutical Group Co. Ltd.
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